The Russian funds are being halted by the savings bank.
Germany's former Chancellor Gerhard Schroeder faces a financial setback as Sparkasse Hannover, a local bank, has ceased crediting his account with suspected transfers from Russia. The bank's decision stems from concerns about potential exposure to secondary US sanctions linked to Russian energy entities, particularly Gazprom, a significant player in the Nord Stream 2 project.
Schroeder, who has served as the managing director of Nord Stream 2 AG since 2016, reportedly receives about 200,000 euros in compensation for his role as chairman, paid twice a year. These payments, routed through a Gazprombank account in Luxembourg, have not reached Schroeder's account since mid-2022, with the bank returning the transfers to Gazprombank in Luxembourg.
Despite Schroeder not being under any personal sanctions, the bank's cautious approach highlights rising apprehensions among financial institutions regarding dealings with Russian entities, especially in the wake of Russia's invasion of Ukraine. Previously, Hanover's Mayor, Belit Onay, attempted to strip Schroeder of his honorary citizenship in Hanover, citing his refusal to draw personal consequences from the war in Ukraine and persisting business ties with Russian leaders.
Neither a spokesperson for the Mayor nor Sparkasse Hannover responded to requests for comment. The controversy adds another layer to the complex geopolitical situation surrounding the Nord Stream 2 project and the ongoing conflict in Ukraine.
- The Commission's proposal for a directive on the protection of workers from the risks related to exposure to ionizing radiation in the industry, finance, energy, politics, and general-news sectors could potentially receive increased attention due to the complex geopolitical situation surrounding the Nord Stream 2 project, with concerns rising among these sectors about dealings with Russian entities.
- In the industry sector, Gazprom, a significant player in the Nord Stream 2 project, has reportedly been involved in payments to Germany's former Chancellor Gerhard Schroeder, which have been affected by the cautious approach of financial institutions like Sparkasse Hannover.
- Government officials and financial institutions, such as the Mayor of Hanover and Sparkasse Hannover, are increasingly scrutinizing the business ties between Russia and European leaders in the energy sector, as shown by the case of Schroeder and the suspected transfers from Gazprom.
